By Katherine Hamilton

Park National Bank has agreed to acquire First Citizens Bancshares in a $317.3 million deal.

The Newark, Ohio, parent company of Park National Bank will expand into Tennessee with the merger, and the combined company will have pro forma assets of $12.5 billion and deposits of $10.5 billion.

Under the terms of the agreement, Park will issue 1.99 million shares to acquire First Citizens in an all-stock transaction. First Citizens shareholders will have the right to receive 0.52 shares of Park for each of their shares.

First Citizens Chief Executive Jeff Agee will lead the new Tennessee region of Park National, and one First Citizens director will join the Park board of directors.

The deal is expected to close in the first quarter of 2026.

Write to Katherine Hamilton at katherine.hamilton@wsj.com

(END) Dow Jones Newswires

October 27, 2025 17:57 ET (21:57 GMT)

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